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Savings accounts are a great investment, you can easily save money towards whatever you need, and enjoy the benefits of a normal bank account.
We at Pension Calculator have chosen the top five accounts with the highest interest rates provided by banks and building societies. We used the latest unbiased information, and this means that your savings will be accumulating the most amount of cash as you continue to deposit your savings into the account.
| Top 5 Regular Savings accounts August 2011 | ||||
| Account | Bank | AER | Bank | Links |
| HSBC Online Bonus Savings account | HSBC | 0.75% variable | Interest payable on balances from £1 to £50,000 | Info |
| Lloyds International Savings account | Lloyds | 2.27% | Instant access for first 12 months | Info |
| Teachers BS | Regular Saver | 4.0% | Maximum of £250 in the first 12 months | Info |
| Buckinghamshire BS | Chiltern Golden Builder | 4.0% | 1 withdrawal per year | Info |
| Mansfield BS | Regular Savings | 3.10% | Minimum monthly £25 | Info |
You are expected to pay a fixed amount every month to your savings account. It is essential that you check the small print of every account before you make a decision on any account. WHilst we update our information monthly, banks and building societies change their terms and conditions erratically. Money can be locked away for a 12 month term and this may be part of your agreement with your bank and at the end of the year a fixed interest rate will be paid to your account.
You will be charged a fee to withdraw money from these accounts before the notice period is up. You will not be able to access this money during this period.
Make sure that this is the right product for you, there are also current accounts which offer better flexibility, or ISAs which offer greater returns.